Norway's wind beats hydro on revenue

In a country traditionally dominated by hydroelectric power, the major expansion of wind energy has led to the latter sector accounting for almost half the domestic revenue from renewables.
Photo: PR / Statkraft
Photo: PR / Statkraft

Norway's wind energy expansion results in hitherto unseen revenue from domestic renewables, shows a new study from consultancy firm Multiconsult, reports Norwegian media Teknisk Ukeblad.

According to the report, Norwegian companies' 2018 RE revenue has reached NOK 30 billion (EUR 2.98 billion) -- the highest level to date and almost twice the figure from 2017.

Norway's historical RE motor, hydroelectric, still tops the list when separated into discrete areas. In 2018, hydroelectric contributed NOK 9.7 billion, while the new kid in school, onshore wind power, is a close runner up. This represents a quintupling of onshore wind relative to 2017.

Adding this figure to the NOK 5.7 billion contributed by offshore wind, wind power accounts for almost half of the domestic RE sector's revenue.

"This is major growth from 2017 to 2018 and is driven by the expansion of onshore wind. This has filled up he cash registers of Norwegian companies supplying equipment and service to the wind energy sector," says Iver Slengesol -- director of strategy and business development at Export Credit Norway, which ordered the report along with the Norwegian Ministry of Petroleum and Energy and a series of domestic energy firms --  to the media

According to the Norwegian Water Resources and Energy Directorate, approximately 1 gigawatts of wind capacity are expected to be installed in the country during 2019.

English Edit: Daniel Frank Christensen

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